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Difficult decisions loom on future US auto demand

By the end of May last year, 6.2m autos had been sold in the US market, each containing $2700 of chemicals (according to the ACC). The total sales value to the chemical industry was $16.8bn. So far this year, just 3.9m autos have been sold, with a value...

Published 3 Jun 2009 13:54 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, M & A, Leverage, bankruptcy, auto sales, polymers, chemical demand
US auto sales remain depressed

February brought no relief for the troubled US auto industry, so critical to chemical sales. Sales were down 41% versus 2008. Even more worryingly, sales over the past quarter, and last 6 months, averaged under 10 million/year. Chrysler's results...

Published 5 Mar 2009 6:27 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, auto sales, Toyota, Chrysler, GM, Ford, polymers, inventory
European auto sales slide continues

European auto sales fell 25% in January, according to JD Power . This equals an annualised rate of just 11m cars, the lowest since the early 1990's. 13.6m were sold in 2008. And although the forecaster hopes for some improvement later in the year...

Published 9 Feb 2009 19:24 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, Leverage, auto sales, GM, Ford, polymers, Fiat, Renault, Peugeot
GM, Chrysler's US sales collapse

January's US auto sales figures gave no hope that demand is yet bottoming out. Volumes were down 41% versus 2008. As the chart shows, the main pain was felt by GM and Chrysler, who saw sales down 49% and 55% respectively. A key factor in the downturn...

Published 4 Feb 2009 10:12 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, auto sales, Toyota, Chrysler, GM, Ford, polymers, chemical demand
INEOS announce €1bn inventory loss in Q4

In early October , I forecast that we were about to revisit "the scariest moment of my 30 year chemical career", adding that: "The moment the blog has long feared, and warned about , may be about to arrive. It appears that we may be about...

Published 25 Jan 2009 17:14 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, housing, credit crunch, Futures trading, Leverage, recession, crude oil prices, Ineos, auto sales, polymers, LyondellBasell
European auto sales to fall 16% in 2009

European auto sales fell 8.4% in 2008, versus 2007. Sales of 13.56m autos were just ahead of the USA's 13.2m . European volumes continue on a worsening trend, with December down 19% versus last year: • Spanish sales were down 50% • Sweden was down...

Published 12 Jan 2009 11:13 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, auto sales, Ford, General Motors, Fiat, Renault, Volkswagen
US auto sales at 1992 levels

December was another bad month for US auto sales, with volumes down 36% versus 2007. Total 2008 sales of 13.2 million were the lowest since 1992, when the economy bottomed in the 1990-4 recession. As the chart shows, sales volumes dropped continuously...

Published 6 Jan 2009 12:20 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Japan, Financial Events, credit crunch, Leverage, auto sales, Toyota, Chrysler, GM, Ford
The blog in 2008

The blog is now 18 months old. It has a truly global readership, and as shown in the above map, is now read in 1244 cities and 89 countries. Its aim has always been to identify 'the influences that may shape the chemical industry over the next 12...

Published 3 Jan 2009 10:37 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Currencies, central banks, Financial Events, housing, Futures trading, M & A, Leverage, recession, crude oil prices, auto sales, feedstock pricing, Dow Jones Index
November US auto sales down 37%

US auto makers today told Congress their "rescue plan" now needs $34bn in support, whilst GM and Chrysler said they need an $11bn loan "just to survive the year". US sales were down 37% in November, and are at their lowest annual rate...

Published 3 Dec 2008 14:05 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, auto sales, Toyota, Chrysler, GM, Ford
Japan's industrial output collapses as exports dive

Japan has an ageing population. Since 1990, it has relied on exports to boost its economy. Yesterday , official figures showed industrial production is now being badly affected by the global recession. Output fell 3.1% in October, and a 6.4% decline is...

Published 30 Nov 2008 12:13 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Currencies, Japan, Financial Events, recession, auto sales, Kaoru Yosano
Budgeting for survival

The blog prefers to be optimistic. But 30 years in the chemical industry has taught it to be extremely realistic. So it proposes 'batten down the hatches' is its motto for 2009. Chemical companies are likely to be sailing in some very rough seas...

Published 19 Oct 2008 11:04 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, housing, credit crunch, M & A, oil prices, Leverage, recession, auto sales
'Demand and prices in free fall'

The moment the blog has long feared, and warned about , may be about to arrive. It appears that we may be about to revisit 1980, when for some weeks it seemed that demand for many petchem products had simply stopped. As Nigel Davis notes in an excellent...

Published 7 Oct 2008 8:34 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, housing, M & A, Leverage, crude oil prices, global downturn, auto sales, polymers, cracker economics
The blog's first birthday

Its now a year since the blog started. Since then, 213 postings have appeared. It is now read in 72 countries and 620 cities (shown above). Most encouragingly, readership continues to steadily increase. Since January, it has risen a further 301%. The...

Published 5 Jul 2008 10:37 by Chemicals & The Economy

Filed under: China, India, Wal-Mart, Economic growth, Oil markets, Currencies, Financial Events, credit crunch, food and energy costs, Futures trading, inflation, M & A, Leverage, Northern Rock, Dow Chemical, subprime mortgage crisis, Thailand, Warren Buffett, crude oil prices, Bear Stearns, global downturn, auto sales, Pension funds, feedstock pricing, Maserati, Tesco, Gisele Bundchen
US auto sales collapse in June

'Collapse' is not a word that should be used lightly in business. But there is no other way to describe June's US auto sales figures: GM reported June sales down 15% Toyota were down 12% Ford were down 28% Chrysler were down 36% These declines...

Published 3 Jul 2008 12:38 by Chemicals & The Economy

Filed under: Economic growth, Oil markets, Financial Events, auto sales, Toyota, Chrysler, Ford, General Motors, downturn
A tale of two outlooks – part 2

In an early blog last July , I marvelled at the contrast between the then upbeat nature of financial markets, and the gloom apparent elsewhere. I suggested that these two views of life couldn’t ‘continue to exist alongside each other for ever’, and suggested...

Published 20 Apr 2008 12:19 by Chemicals & The Economy

Filed under: USA, China, India, Economic growth, Oil markets, Japan, Financial Events, housing, Leverage, Asia, Wall Street Journal, auto sales, Sri Lanka, crude oil, Korea, rice, interest rates, Financial Times

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